CRA Tax Changes for 2020 Archives

CRA Changes for 2020

The CRA has made some changes for 2020, in light of the special circumstances during the COVID 19 pandemic

COVID-19 federal and provincial benefits

These appear on a T4A slip in boxes 197 to 204 and are reported on line 13000 as taxable income.

The Canada Recovery Benefit (T4A box 202) is subject to a social benefits repayment (line 23500) […]

By Randy Larson|2021-01-13T17:27:33-08:0001/13/2021|Taxes|0 Comments

Call Randy Larson now at (604) 558-2234

Mailing Address: 202 – 150 East Keith Road, North Vancouver, BC V7L 1T8

Note: In-person meetings are not possible at this time. I prefer to converse with existing and new clients over the telephone or a Zoom meeting, where I can share my screen.

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During Tax Season (Feb – Apr 30th)

7 days a week, 8:30 am – 9 pm

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CRA Announces Changes in 2023

Randy Larson2024-01-30T16:08:43-08:0001/30/2024|0 Comments

The Canada Revenue Agency ("CRA") has announced the following changes to the Income Tax Act for 2023. Advanced Canada workers benefit (ACWB) Advance payments of the Canada workers benefit ("CWB") are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a [...]

BC Renter’s Tax Credit

Randy Larson2024-01-24T15:38:53-08:0001/24/2024|0 Comments

Budget 2023 introduced an annual income-tested renter’s tax credit that will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $60,000 or less. Individuals and families with an adjusted income greater than $60,000 and less than $80,000 may receive a reduced amount. You can start claiming [...]